Expenses - CSA Provision
1995 ISDA Credit Support Annex (English Law)
Paragraph 8 in a Nutshell™
Full text of Paragraph 8
Related agreements and comparisons
Content and comparisons
English law CSAs
Paragraph 8 of the 2016 English law VM CSA is identical to the equivalent in the 1995 English Law CSA. Being a function of the common law of contract, not to mention common sense — why would someone else be liable for your costs and expenses of performing a contract unless it specifically said they would be? — it falls into the goes without saying category. But ISDA’s crack drafting squad™ said it anyway.
NY law CSA
Paragraph 10(a) of the 2016 NY Law VM CSA is largely the same as Paragraph 8 of the English law versions — it carries on in 10(b) and 10(c) to rabbit on a bit about Posted Collateral — but, neglects to specifically call out stamp duty. How to deal with stamp duties is the subject of Paragraphs 10(b) and 10(c), of which there is no equivalent in the English law document.